News

Springfield named top city to start a business

By: Rachael Snow | 3 years ago

Springfield is the 3rd best city in the nation to start a business and the top city when it comes to accessing resources for startups, says a study published by personal finance site WalletHub.

The study ranked the 150 largest U.S. cities across two key dimensions, “Access to Resources” and “Business Environment,” and then identified 13 metrics that are relevant to both dimensions. In the “Access to Resources” category the study looked at financing accessibility, office space affordability, employee availability and median annual income.

“The success of the eFactory and programs like 1 Million Cups, SPIN66 and Startup Weekend have created a flurry of entrepreneurial activity in Springfield,” Ryan Mooney, Senior Vice President of Economic Development at the Springfield Area Chamber of Commerce said.

The ranking comes on the heels of an announcement that Missouri State University and the Chamber would launch a new seed capital fund and accelerator program. The fund, designed to help promising startups overcome early obstacles in the formation process, received an initial $300,000 investment from Rural Missouri Inc. and the Missouri State University Foundation earlier this month.

“The progress and support that we’re seeing for programs like the seed capital fund alongside the fact that we went from 24th in 2014 to number three on this list, confirms the progress we’ve made in just a few years toward developing the ecosystem and culture surrounding entrepreneurship,” Allen Kunkel, Associate Vice President for Economic Development at Missouri State University said.

View the entire WalletHub study here.